That makes 2 days in a row with a strange close. Thursday was a big buy with seconds left followed by a much lower priced dump.
I was watching the Level 2 bid ask spread and the realtime Time and Sales history very closely Friday afternoon. Generally, all of Friday afternoon a steady stream of 0.95s were going through until 3:59pm 9 seconds before the close and a bunch of 92s and 93s went through, about 11,000 shares total. Funny how MMs save those for the close.
It kind of pissed me off because I wanted to add a bit on Friday, and I was waiting for the end of the day fade in case day traders were selling before the weekend. But I didn't see any fade happening at all, so I submitted a 10,000 share bit at a price of 0.95 at precisely 15:58pm. Well, they filled my shares 500 at 0.94 and 9500 at 0.95, then in the last 51 seconds the market makers dumped 11,000 shares at 0.92 and 0.93 in order to achieve a lower closing price to set themselves up better for Monday morning. Sucks of MM manipulation.
What might be going on is this: today the MMs sold more 95s than they actually owned, so they want to buy back (cover naked shorts) at a lower price to make a couple pennies. So the MMs intentionally sold 11,000 shares around 92 cents at the close so that Monday's opening price is lower than today's average trading price, so first thing Monday am the MMs will buy back shares cheaper. It wasn't a bad day overall, as LPH support levels are S-L-O-W-L-Y moving upwards.
AI
